DUBAI // Much has been made of the transformative effect of the Olympics on sevens, with its Rio debut reportedly helping attract 16.8 million new supporters to rugby’s abbreviated format.
At the weekend in Dubai, there was a discernible bounce on a smaller scale after the Games, notably on the form of the three nations which constitute Great Britain.
Despite having a miserable time on the World Series last season, a combined side of players from England, Wales and Scotland took the silver medal at the Games.
One tournament is not much of a sample size to go on, but the Dubai Rugby Sevens suggests the three Home Nations prefer post-Olympic life to that which went immediately before it.
England, who have been contenders at the top of the standings at times in the past, finished a below-par eighth on the series last season. Scotland were 10th, while Wales, World Cup Sevens winners in Dubai in 2009, were 12th.
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In Dubai, their fortunes were greatly improved. England took bronze, Wales reached their first semi-final since 2013, while Scotland were sixth – and were only denied a place in the top four by a farcical late loss to England in the quarters.
According to Simon Amor, the England coach who was also in charge of the GB sevens team, the season leading up to the Games was problematic.
Gareth Williams, the Wales coach who was Amor’s assistant, meanwhile, suggested this weekend Dubai Sevens marked the start of his side building for the 2018 Commonwealth Games in Australia.
“From our point of view, we are very much focused on building towards the Commonwealth Games and the World Cup in 2018,” Williams said.
“We have the honour of taking a squad to the Commonwealth Games representing Wales, which is different to what the Olympics was. It is a fantastic challenge for us, and we are excited about that.”
Being friends once every four years, and enemies the rest of the time is not totally alien to British rugby players – given the concept apes that of the British & Irish Lions.
It is unique on the sevens circuit, though. When England played Wales in the bronze medal match on Pitch 1 on Saturday, a number of Olympic teammates were up against each other.
Ironically, two players who shared a contrasting experience of the Games to the rest were try-scorers in England’s 38-10 win.
Luke Treharne, the Wales co-captain, and Charlie Hayter, of England, were non-travelling reserves in Rio.
“We weren’t in the village,” said Treharne, who will be absent from the Wales team at the Cape Town Sevens as he is returning home because of his medical studies.
“It was weird. We weren’t allowed on the bus to training with the boys. We trained, but we had to get taxis to get there.
“It was a bit mad. We weren’t allowed to have accreditation for the venues, so we had to sit in the stands and wait.
“We did such a long training camp before it, so we had a great bond with the boys anyway. But it was strange that they went through a whole tournament without getting a knock at all.”
Samoa set to soar
Meanwhile England’s Amor believes Samoa will be revived as a force on the World Sevens Series by the appointment of Gordon Tietjens.
Tietjens ended a 22-year reign in charge of New Zealand after they failed to medal at the Rio Olympics, and subsequently signed a four-year contract to coach Samoa.
The Samoans did not qualify for the Olympics, and were ninth on last season’s series, despite being world champions in 2009/10.
“Titch has been the most successful sevens coach the world has ever seen, so if he goes into any programme, you know there is going to be a bounce effect that comes from that,” Amor said.
“We know that is going to happen. We knew they were going to be a tough team to play against, they are going to be a real tough proposition this season.”
Samoa finished eighth at the Dubai Rugby Sevens, with Tietjens watching on from the stands.
“To me it is a learning curve to be with Titch,” said Stephen Betham, the coach who took Samoa to the title six years ago, who is now Tietjens’ No 2.
“He has won every title, except for an Olympic medal. It has been a great experience to work with Titch.”
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RESULTS
2.30pm Jaguar I-Pace – Conditions (PA) Dh80,000 (Dirt)
1,600m
Winner Namrood, Antonio Fresu (jockey), Musabah Al Muhairi
(trainer)
3.05pm Land Rover Defender – Maiden (TB) Dh82,500 (D)
1,400m
Winner Shadzadi, Tadhg O’Shea, Bhupat Seemar
3.40pm Jaguar F-Type – Maiden (TB) Dh82,500 (Turf) 1,600m
Winner Tahdeed, Fernando Jara, Nicholas Bachalard
4.15pm New Range Rover – Handicap (TB) Dh87,500 (D) 1,400m
Winner Shanty Star, Richard Mullen, Rashed Bouresly
4.50pm Land Rover – Handicap (TB) Dh95,000 (T) 2,400m
Winner Autumn Pride, Bernardo Pinheiro, Helal Al Alawi
5.25pm Al Tayer Motor – Handicap (TB) Dh95,000 T) 1,000m
Winner Dahawi, Antonio Fresu, Musabah Al Muhairi
6pm Jaguar F-Pace SVR – Handicap (TB) Dh87,500 (D) 1,600m
Winner Scabbard, Sam Hitchcock, Doug Watson
Results
5pm: Al Falah – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Bshara, Richard Mullen (jockey), Salem Al Ketbi (trainer)
5.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,400m; Winner: AF Musannef, Tadhg O’Shea, Ernst Oertel
6pm: Al Dhafra – Maiden (PA) Dh80,000 (T) 1,600m; Winner: AF Mualami, Antonio Fresu, Abubakar Daud
6.30pm: Al Khaleej Al Arabi – Handicap (PA) Dh80,000 (T) 1,600m; Winner: Hawafez, Adrie de Vries, Abubakar Daud
7pm: Al Mafraq – Handicap (PA) Dh80,000 (T) 1,600m; Winner: JAP Almahfuz, Royston Ffrench, Irfan Ellahi
7.30pm: Al Samha – Handicap (TB) Dh80,000 (T) 1,600m; Winner: Celestial Spheres, Patrick Cosgrave, Ismail Mohammed
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RESULTS
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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